Momenta Hit Hard as Generic Lovenox Rival Nears Approval

Stock in Momenta Pharmaceuticals Inc. dropped sharply Tuesday following news that Teva Pharmaceuticals Industries Ltd. received a minor deficiencies letter on its application for a generic Lovenox injection. Investors have taken the correspondence as a sign that Teva's product is close to the finish line. Momenta's M-Enoxaparin is currently the only generic formulation of Lovenox on the market, and Teva's offering could seriously cut into Momenta's revenues.